The commodity bourse will run a mock trading session on May 7 to familiarise players with the operational aspects, according to exchange officials. Bank of Baroda (BoB) has been designated as the registration and clearing bank for contracts traded on the exchange. Subscription to the equity capital of the exchange's clearing house -- Prime Commodities Clearing Corporation of India Ltd, a company to guarantee performance of contract -- is still being filled up.

Apart from the exchange's contribution of Rs 50 lakh, BoB has committed Rs 1 crore subject to Reserve Bank approval. In addition, Rs 30 lakh has been committed by prominent members.

Six contracts for delivery will be traded in a year. The contracts will be for February, April, June, August, October, and December. At a given point of time, three contractswill be traded concurrently. The futures trading will be held five days a week -- Monday to Friday -- and the unit of trading will be 5 tonnes. The quotation for castor oil First Special Grade will be in rupees per 10 kg and the unit of delivery order will be 10 tonnes.

The clearing settlement will be held daily, while pay-in and pay-out will be held on the next working day of the clearing settlement but before commencement of trading. Minimum 10 metric tonnes per delivery order subject to 2 per cent less or more will be permitted for delivery.

Besides Mumbai, Navi Mumbai, Nhava Sheva port, and Kandla, the delivery points will be at Kapadwanj, Palanpur, Unjha, Naroda, Rajkot in Gujarat, and Hyderabad. The members will have to pay Rs 6,500 per unit as margin money.